As per the TechSci Research report titled “Used Electric Vehicle Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, it is expected that the global market for used electric vehicle batteries will witness significant growth during the forecast period of 2023-2027. The increasing demand for energy worldwide for various purposes is compelling market players to seek cost-effective solutions that fulfill these requirements. When electric vehicle batteries lose approximately 20 percent of their capacity, they are replaced, leaving 80 percent of the battery’s capacity available for stationary storage purposes.
Manufacturers of used electric vehicle batteries are striving to utilize this remaining battery life to reduce costs and greenhouse gas emissions. Lithium-ion batteries can have a life of up to 12 years and can be repurposed for a second life, providing industrial and commercial backup for consumers and the grid. The reuse of batteries offers economic benefits, such as reducing the upfront costs of electric vehicle batteries and increasing the value of electric vehicles. Nonetheless, the availability of a large number of battery packs in the market and declining costs of new batteries may hinder the growth of the global used electric vehicle battery market in the forecast period.
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The global used electric vehicle battery market is segmented into vehicle type, type, application, regional distribution, and competitive landscape.
The market is categorized into two-wheeler, passenger cars, and commercial vehicles, based on vehicle type. The passenger car segment is anticipated to hold the largest market share during the forecast period. The segment demand is being driven by consumers’ increased preference for private vehicle ownership and the comfort and convenience offered by these vehicles.
The market is segmented into lead acid and lithium-ion, based on type. Over the next five years, the lithium-ion segment is expected to capture the highest market share. Lithium-ion batteries offer significant advantages over their counterparts, including high efficiency, high power-to-weight ratio, and low power discharge rate, among others. The demand for lithium-ion batteries is expected to accelerate over the next five years due to the increase in sales and production of electric vehicles.
The market is divided into energy storage, electric vehicle charging, base station, low-speed EV, and others, based on application. Energy storage applications are expected to account for a significant market share during the forecast period as they require less frequent recycling to make them usable. Energy can be stored and further utilized for other applications.
Asia-Pacific is expected to witness substantial market growth during the forecast period of 2023-2027, based on regional analysis. The region’s high growth of the electric vehicle market and favorable government policies, such as incentives, income tax benefits, and rebates, are producing a large number of batteries that need to be recycled or disposed of after usage. Due to high government support and the need to utilize a large number of electric vehicle batteries, the market is expected to be lucrative.
Major operating companies operating in global used electric vehicle battery market are:
- BMW AG
- Nissan Motor Co. Ltd.
- General Motors Company
- Toyota Corporation
- Daimler AG
- Tesla Inc.
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“Several companies are working on the development of effective recycling techniques that can recycle lithium-ion batteries in an optimized manner and recycle raw materials such as cobalt, lithium, and others. The advent of novel recycled batteries having low cost and are environment friendly, and the high-end investments in research and development activities are expected to create lucrative growth opportunities for the global used electric vehicle battery market in the forecast period. The countries moving towards achieving the net-zero carbon emission target and the huge popularity of electric vehicles are expected to influence the market demand. Also, the rapid entry of market players to commercialize the used electric battery applications are expected to propel the global used electric vehicle battery market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Used Electric Vehicle Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle), By Type (Lead Acid, Lithium-Ion), By Application (Energy Storage, Electric Vehicle Charging, Base Station, Low-Speed EV, Others), and By Region”, has evaluated the future growth potential of global used electric vehicle battery and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global used electric vehicle battery market.
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